Lekki Cooperative Multi-Purpose Society: What You Need to Know

The Lekki Cooperative Multi-Purpose Society Limited was established with a clear mission: to create financial opportunities and provide accessible services. This cooperative society is committed to facilitating easy access to funds and offering a range of financial services to its members, with the aim of driving positive change in the financial world.

The multi-purpose society primarily caters to salary earners, providing them with tailored financial services. Regulated by the Lagos State Government under the Ministry of Commerce, Industry, and Co-operatives, the society operates within the framework of established byelaws for cooperatives.

This regulatory oversight ensures adherence to legal guidelines and guarantees the society's commitment to transparency, accountability, and responsible financial practices. By operating under the guidance of these bye-laws, the multi-purpose society strives to instill confidence among its members and create a secure and trustworthy environment for their financial activities.

Products

The Lekki Cooperative Multi-Purpose Society Limited offers a wide range of easily accessible loans for every kind of financial need with appealing interest rates.

Loans

1. Asset/Home Appliances

Lekki Cooperative understands the importance of having essential assets and home appliances to enhance the quality of life for individuals. To fulfil this need, the cooperative offers Asset and Home Appliances loan specifically designed for salary earners residing and working in Lagos State.

To be eligible for this loan, applicants must meet certain criteria. Firstly, they should have a minimum net salary of N100,000 or higher, ensuring that the loan amount is proportionate to their income level. Additionally, applicants should fall within the age range of 20 to 55 years.

Lekki Cooperative recognizes the significance of specific industries in driving economic growth and employment opportunities. Therefore, special consideration is given to salary earners working in sectors such as Telecoms, Banking, Oil and Gas, Fintech, Production, or Education.

Overall, Lekki Cooperative's Asset and Home Appliances loans provide a valuable opportunity for salary earners in Lagos State to acquire essential assets and upgrade their home appliances. With tailored eligibility criteria and a focus on key sectors, the cooperative aims to support individuals in their pursuit of a better quality of life while promoting economic growth and development in the community.

2. Car Loan

To be eligible for the Car Loan, applicants must meet the residency and employment requirement, ensuring that they are actively contributing to the workforce and economy of Lagos State. Additionally, applicants should have a minimum net salary of N100,000 or higher, guaranteeing that the loan amount aligns with their income level and repayment capacity.

The Lekki Cooperative Society provides the Car Loan at a monthly interest rate of 3.0%. This competitive interest rate allows members to enjoy the benefits of affordable monthly payments, making car ownership more attainable and manageable.

In summary, the Lekki Cooperative Society's Car Loan offers an opportunity for eligible members in Lagos State to finance their car purchase at a favourable interest rate. By supporting members in acquiring a vehicle, the cooperative aims to enhance mobility, convenience, and overall quality of life.

3. Children's School Fees Package

The Lekki Cooperative Society understands the importance of education and the financial burden it can place on families. To support its members in providing quality education for their children, the cooperative offers a Children School Fees Package.

The Children School Fees Package provided by the Lekki Cooperative Society offers competitive loan terms. The loans come with a monthly interest rate of 3.0%, ensuring affordability for borrowers. This favourable interest rate allows members to effectively manage their monthly repayments while fulfilling their children's educational needs.

The application process for the Children School Fees Package is designed to be convenient and efficient. Members can apply easily and receive prompt approval, allowing them to access the funds in a timely manner.

The Lekki Cooperative Society's Children School Fees Package is a valuable offering. With a competitive interest rate and special consideration for specific sectors, this loan product aims to support families in providing quality education for their children. By easing the financial burden of school fees, the cooperative promotes educational opportunities and contributes to the overall well-being and development of children in the community.

4. Salary Advance (SALAD)

If you're an employee facing a temporary financial shortfall, the Lekki Cooperative Society's Salary Advance loan can provide the support you need.

To be eligible for the Salary Advance loan, applicants must meet the residency and employment requirement, ensuring that they are actively working in Lagos State. As part of the application process, applicants are required to provide guarantors' work IDs and post-dated cheques when necessary. These requirements help ensure the security and repayment of the loan.

The Salary Advance loans provided by the Lekki Cooperative Society come with a monthly interest rate of 4.0%. This rate allows for a fair and affordable repayment structure, accommodating borrowers' financial capabilities and ensuring the loan remains manageable.

This loan is great for employees in Lagos State who need short-term financial assistance. With a competitive interest rate and reasonable requirements, this loan product aims to alleviate financial stress and provide individuals with the support they need during challenging times.

Requirements for Lekki Cooperative Multi-Purpose Society Limited loans

To qualify for any of the loans, borrowers need to meet the following requirements.

1. Bank Verification Number (BVN).
2. Six month pay slips.
3. Six-month bank statement (Salary Account).
4. Utility bill (within the preceding three months).
5. Signed post-dated cheques covering the loan term.
6. A valid means of identification for guarantor(s).
7. Verification of Address.
8. Official and National Identification.

How to get a loan from Lekki Cooperative Society on nairaCompare

1. Select ‘Lekki Cooperative Multi-Purpose Society Limited’
2. Read through the information provided on the Lekki Cooperative Multi-Purpose Society page to understand more about the provider, and its products.
3. Click on the preferred loan product to begin the application process.
4. Fill in your personal details and provide all the necessary documents.
5. Submit your application form for review and processing.
6. After a successful review of your application, you will receive an email notification confirming that your application has been approved!

Benefits of Lekki Cooperative Multi-Purpose Society Limited

There are many benefits to joining Lekki Cooperative Multi-Purpose Society Limited (LCMPSL). Some of the most notable benefits include:

● Affordable financial services

The society offers a variety of financial services, including savings accounts, loans, and investments. These services are often more affordable than those offered by traditional banks.

● Support and resources

It also provides its members with a variety of support and resources to help them achieve their financial goals. This includes access to training, counseling, and networking opportunities.

● A strong community

The society is a community of like-minded people who are committed to helping each other succeed. This can be a valuable source of support and motivation.

● Access to low-interest loans

The Cooperative can help you get a loan to start or grow your business, or consolidate debt. Loans are available to members at low-interest rates, which can save you money.

Downsides of Lekki Cooperative Multi-Purpose Society Limited

As with any financial institution, there are some potential downsides to joining Lekki Cooperative Multi-Purpose Society Limited.

These include:

● Limited services

The society does not offer all of the same services as a traditional bank, such as current accounts, ATMs, or online banking.

● Limited reach

The Lekki Multi-Purpose Society is only available to salary earners in Lagos. If you live outside of the cooperative's service area, you may not be able to join.

Summary

If you are looking for a way to improve your financial situation, the Lekki Cooperative Multi-Purpose Society Limited might just be right for you.

Overall, the downsides of joining the society are relatively minor. However, it is important to be aware of them before you make a decision.

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